In economic wealth is the stock of all those material and immaterial objects which……... (a) Are transferable ; (b) Have utility ; (c) Are scarce ; (d) All the three

In economic wealth is the stock of all those material and immaterial objects which……... (a) Are transferable ; (b) Have utility ; (c) Are scarce ; (d) All the three 
by

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Answer :

; (d) All the three 
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Stock of both man made goods as well as natural resources like capital is called – (a) National wealth ; (b) National stock ; (c) No less no gain level ; (d) All the three

Description : Stock of both man made goods as well as natural resources like capital is called – (a) National wealth ; (b) National stock ; (c) No less no gain level ; (d) All the three

Last Answer :  (b) National stock ;

Scarcity of resources leads to (a) Unsatisfaction of human wants ; (b) Evaluation of alternative uses of scarce resources; (c) Both ; (d) None

Description : Scarcity of resources leads to (a) Unsatisfaction of human wants ; (b) Evaluation of alternative uses of scarce resources; (c) Both ; (d) None

Last Answer : (c) Both ;

In which circumstance is a CPA firm's independence most likely to be impaired? a. An individual on the audit has a close relative who is a receptionist for the client. b. The father of the audit senior holds a material financial interest in the client of which the senior is unaware. c. The spouse of a staff member on the audit has an immaterial common stock investment in the audit client. d. The partner in charge of the office's compensation is affected by office profitability, a portion of which arises from this audit

Description : In which circumstance is a CPA firm's independence most likely to be impaired? a. An individual on the audit has a close relative who is a receptionist for the client. b. The father of ... of the office's compensation is affected by office profitability, a portion of which arises from this audit

Last Answer : The spouse of a staff member on the audit has an immaterial common stock investment in the audit client

In which circumstance is a CPA firm's independence most likely to be impaired? a. An individual on the audit has a close relative who is a receptionist for the client. b. The father of the audit senior holds a material financial interest in the client of which the senior is unaware. c. The spouse of a staff member on the audit has an immaterial common stock investment in the audit client. d. The partner in charge of the office's compensation is affected by office profitability, a portion of which arises from this audit.

Description : In which circumstance is a CPA firm's independence most likely to be impaired? a. An individual on the audit has a close relative who is a receptionist for the client. b. The father of ... of the office's compensation is affected by office profitability, a portion of which arises from this audit.

Last Answer : The spouse of a staff member on the audit has an immaterial common stock investment in the audit client.

According to traditional approach the factor responsible for operation of downward slope of demand curve are (a) Change in number of consumers ; (b) Law of decreasing marginal utility (c) Alternative uses of goods ; (d) All the three

Description : According to traditional approach the factor responsible for operation of downward slope of demand curve are (a) Change in number of consumers ; (b) Law of decreasing marginal utility (c) Alternative uses of goods ; (d) All the three

Last Answer : (d) All the three

The law of indifference is/are also know by- (a) Law of substitution ; (b) law of equimarginal utility ; (c) Law of diminishing marginal utility (d) All the three

Description : The law of indifference is/are also know by- (a) Law of substitution ; (b) law of equimarginal utility ; (c) Law of diminishing marginal utility (d) All the three

Last Answer : (d) All the three

The paradox of Diamond is more costly than water is explained by (a) Marginal utility concept ;(b) Scarcity ; (c) Relative cost of production ; (d) All the three

Description : The paradox of Diamond is more costly than water is explained by (a) Marginal utility concept ;(b) Scarcity ; (c) Relative cost of production ; (d) All the three

Last Answer : ;(b) Scarcity ;

Which of the following statement is true? (a) Value added = total sales + closing stock of finished goods – opening stock of finished goods – total expenditure on raw material – intermediate goods (b) Value added = total sales + closing stock of finished goods and semi finished goods – total expenditure on raw material – intermediate goods (c) Value added = total sales + closing stock of finished goods and semi-finished goods-opening stock of finished goods and semi finished goods-total expenditure on raw material (d) Value added = total sales + closing stock of finished goods and semi finished goods – opening stock of finished goods and semi finished goods – total expenditure on raw material – intermediate goods.

Description : Which of the following statement is true? (a) Value added = total sales + closing stock of finished goods - opening stock of finished goods - total expenditure on raw material - intermediate ... stock of finished goods and semi finished goods - total expenditure on raw material - intermediate goods.

Last Answer : (d) Value added = total sales + closing stock of finished goods and semi finished goods – opening stock of finished goods and semi finished goods – total expenditure on raw material – intermediate goods.

Economic efficiency means (a) Production of goods of mass consumption at lower cost; (b) Production of goods and services for those who have purchasing power; (c) Getting greatest satisfaction from available resources ; (d) Full employment of working force

Description : Economic efficiency means (a) Production of goods of mass consumption at lower cost; (b) Production of goods and services for those who have purchasing power; (c) Getting greatest satisfaction from available resources ; (d) Full employment of working force

Last Answer : (c) Getting greatest satisfaction from available resources 

Given the supply quantity which is fixed an increase in aggregate demand will have direct impact on (a) Increase in GDP ; (b) Inflationary pressure ; (c) Greater employment opportunity; (d) More equitable distribution of income and wealth

Description : Given the supply quantity which is fixed an increase in aggregate demand will have direct impact on (a) Increase in GDP ; (b) Inflationary pressure ; (c) Greater employment opportunity; (d) More equitable distribution of income and wealth 

Last Answer : (b) Inflationary pressure ;

Which of these would lead to fall in demand for money? (a) Inflation ; (b) Increase in real income ; (c) Increase in real rate of interest ; (d) Increase in wealth

Description : Which of these would lead to fall in demand for money? (a) Inflation ; (b) Increase in real income ; (c) Increase in real rate of interest ; (d) Increase in wealth

Last Answer : (c) Increase in real rate of interest ;

The famous book “An enquiry into the nature and causes of wealth of Nation” was written by – (a) Adam Smith ; (b) Samulson ; (c) Robertson ; (d) JB Say

Description : The famous book “An enquiry into the nature and causes of wealth of Nation” was written by – (a) Adam Smith ; (b) Samulson ; (c) Robertson ; (d) JB Say

Last Answer : (a) Adam Smith

Who defined economics as “ Science which deals with wealth” (a) J. (B) Say ; (b) (A) (C) pigou ; (c) Alfred Marshall ; (d) Robbins

Description : Who defined economics as “ Science which deals with wealth” (a) J. (B) Say ; (b) (A) (C) pigou ; (c) Alfred Marshall ; (d) Robbins

Last Answer : (a) J. (B) Say ; 

Identify the idea depicted in the cartoon: a. Equal distribution of income and wealth in the world. b. disparities of income and wealth between the rich and poor in the world c. The rich have access to scarce resources d. The poor have access to more resources because they are needy Correct

Description : Identify the idea depicted in the cartoon: a. Equal distribution of income and wealth in the world. b. disparities of income and wealth between the rich and poor in the world c. The rich have access to scarce resources d. The poor have access to more resources because they are needy Correct

Last Answer : b. disparities of income and wealth between the rich and poor in the world

In economic goods includes material things which………. (a) Can be transferred ; (b) Can be exchanged for one another ; (c) Both ; (d) None

Description : In economic goods includes material things which………. (a) Can be transferred ; (b) Can be exchanged for one another ; (c) Both ; (d) None

Last Answer : (c) Both ;

In the long run price is governed by …………. (a) Cost of Production ; (b) Demand supply forces ; (c) Marginal utility ; (d) None

Description : In the long run price is governed by …………. (a) Cost of Production ; (b) Demand supply forces ; (c) Marginal utility ; (d) None

Last Answer : (a) Cost of Production ;

Decreases in price of a product results in increased consumption of the product as the product becomes cheaper compared to other products. This effect is known as (a) Substitution effect ; (b) Income effect ; (c) Diminishing marginal utility concept; (b) Law of diminishing returns

Description : Decreases in price of a product results in increased consumption of the product as the product becomes cheaper compared to other products. This effect is known as (a) Substitution effect ; (b) Income effect ; (c) Diminishing marginal utility concept; (b) Law of diminishing returns 

Last Answer : (a) Substitution effect ;

Increase in price of a product reduces the purchasing power as a result of which demand for a product goes up. This effect is known as (a) Substitution effect ; (b) Income effect ; (c) Diminishing marginal utility concept (d)Law of diminishing returns

Description : Increase in price of a product reduces the purchasing power as a result of which demand for a product goes up. This effect is known as (a) Substitution effect ; (b) Income effect ; (c) Diminishing marginal utility concept (d)Law of diminishing returns

Last Answer : ; (b) Income effect ;

Which of the following is not a type of elasticity in economics………………… (a) Income elasticity ; (b) Price elasticity ; (c) Utility elasticity ; (d) Cross elasticity

Description : Which of the following is not a type of elasticity in economics………………… (a) Income elasticity ; (b) Price elasticity ; (c) Utility elasticity ; (d) Cross elasticity

Last Answer :  (c) Utility elasticity ;

The negatively sloped part of long run cost curve of a firm is due to (a) Increase in production due to specialization and division of labour; (b) Diseconomies of scale ; (c) Diminishing returns to scale ; (d) Marginal utility theory

Description : The negatively sloped part of long run cost curve of a firm is due to (a) Increase in production due to specialization and division of labour; (b) Diseconomies of scale ; (c) Diminishing returns to scale ; (d) Marginal utility theory

Last Answer : (a) Increase in production due to specialization and division of labour;

The positively sloped part of long run cost curve of a firm is due to (a) Economies of scale ; (b) Diseconomies of scale; (c) Diminishing returns to scale ; (d) Marginal utility theory

Description : The positively sloped part of long run cost curve of a firm is due to (a) Economies of scale ; (b) Diseconomies of scale; (c) Diminishing returns to scale ; (d) Marginal utility theory

Last Answer : (b) Diseconomies of scale;

Economics cannot be given the status of science because (a) Of non-uniformity of opinion and approach of economist; (b) Economic behaviour of human being is unpredictable; (c) Measuring rod of money is unstable ; (d) All the three

Description : Economics cannot be given the status of science because (a) Of non-uniformity of opinion and approach of economist; (b) Economic behaviour of human being is unpredictable; (c) Measuring rod of money is unstable ; (d) All the three

Last Answer : (d) All the three

Economics cannot be considered a perfect science because (a) Human behaviour is unpredictable (b) It is difficult to make correct prediction of economic variables (c) Economist do not have common opinion about a particular economic event (d) All the three

Description : Economics cannot be considered a perfect science because (a) Human behaviour is unpredictable (b) It is difficult to make correct prediction of economic variables (c) Economist do not have common opinion about a particular economic event (d) All the three

Last Answer : (d) All the three

Which of the following is/ are a non-economic resource (a) Air (b) Water ; (c) Sunlight ; (d) All the three

Description : Which of the following is/ are a non-economic resource (a) Air (b) Water ; (c) Sunlight ; (d) All the three 

Last Answer : (d) All the three

Which of the following is/ are an economic resource (a) Land ; (b) Capital ; (c) Labour ; (d) All the three

Description : Which of the following is/ are an economic resource (a) Land ; (b) Capital ; (c) Labour ; (d) All the three

Last Answer :  (d) All the three

Which of the following would not reduce the transaction cost in a market? (a) a real estate agent, when buying a house (b) a stock broker, when purchasing stock (c) a full page newspaper ad to sell your used lawn mower (d) a farmer’s market for fresh produce

Description : Which of the following would not reduce the transaction cost in a market? (a) a real estate agent, when buying a house (b) a stock broker, when purchasing stock (c) a full page newspaper ad to sell your used lawn mower (d) a farmer’s market for fresh produce

Last Answer : (c) a full page newspaper ad to sell your used lawn mower 

When the price is less than the average variable cost, the firm should …………. (a) Continue to operate till the market recover ; (b) Shut down its operation for the time being (c) Retrench workers and pay them compensation; (d) Clear the existing stock at a price less than the prevailing price to beat the competitors

Description : When the price is less than the average variable cost, the firm should . (a) Continue to operate till the market recover ; (b) Shut down its operation for the time being (c) Retrench ... compensation; (d) Clear the existing stock at a price less than the prevailing price to beat the competitors

Last Answer :  (b) Shut down its operation for the time being

Financial interrelation ratio is equal to (a) Total issues / National income ; (b) Primary issues / Net capital formation; (c) Total issues / Net capital formation ; (d) Total stock of financial assets/Stock of fiscal assets

Description : Financial interrelation ratio is equal to (a) Total issues / National income ; (b) Primary issues / Net capital formation; (c) Total issues / Net capital formation ; (d) Total stock of financial assets/Stock of fiscal assets

Last Answer : (c) Total issues / Net capital formation

Economic order quantity is that quantity at which cost of holding and carrying inventory is: (a) Maximum and equal (b) Minimum and equal(c) It can be maximum or minimum depending upon case to case. (d) Minimum and unequal

Description : Economic order quantity is that quantity at which cost of holding and carrying inventory is: (a) Maximum and equal (b) Minimum and equal (c) It can be maximum or minimum depending upon case to case. (d) Minimum and unequal

Last Answer : (b) Minimum and equal

Which of the following is not an economic activity? (a) Painting for self use ; (b) Maintenance of Public Park by Local administration (c) Painting for commercial use ; (d) Running an Academic school

Description : Which of the following is not an economic activity? (a) Painting for self use ; (b) Maintenance of Public Park by Local administration (c) Painting for commercial use ; (d) Running an Academic school 

Last Answer : (a) Painting for self use ;

A firm that makes profit in excess of normal profit is earning (a) Economic profit ; (b) Costing profit ; (c) Normal profit ; (d) Super normal profit

Description : A firm that makes profit in excess of normal profit is earning (a) Economic profit ; (b) Costing profit ; (c) Normal profit ; (d) Super normal profit

Last Answer : ; (d) Super normal profit

A firm that break even after all the economic costs are paid in earning (a) Economic profit ; (b) Accounting profit ; (c) Normal profit ; (d) Super normal profit

Description : A firm that break even after all the economic costs are paid in earning (a) Economic profit ; (b) Accounting profit ; (c) Normal profit ; (d) Super normal profit

Last Answer :  (c) Normal profit ;

The maximum quantity that a supplier is prepared to supply in the market at a given price is called (a) Economic order quantity ; (b) Optimum quantity ; (c) Supply quantity ; (d) Both or quantity

Description : The maximum quantity that a supplier is prepared to supply in the market at a given price is called (a) Economic order quantity ; (b) Optimum quantity ; (c) Supply quantity ; (d) Both or quantity

Last Answer : ; (c) Supply quantity ;

In economic theory, in the short run all the cost are…………… (a) Fixed ; (b) Variable ; (c) Controllable ; (d) Semi variable

Description : In economic theory, in the short run all the cost are…………… (a) Fixed ; (b) Variable ; (c) Controllable ; (d) Semi variable

Last Answer : (a) Fixed ;

Economic growth is best depicted by (a) Outward shift in PPF ; (b) Upward movement in PPF ; (c) Inward movement in PPF (d) Downward movement in PPF

Description : Economic growth is best depicted by (a) Outward shift in PPF ; (b) Upward movement in PPF ; (c) Inward movement in PPF (d) Downward movement in PPF

Last Answer : (a) Outward shift in PPF ; 

Which of the following issue relates to micro-economics (a) Impact of crude price hike on inflation (b) Impact of change in bank rate on bank saving and investment (c) Impact of Information technology on economic growth (d) Impact of shortage of wheat production on wheat prices

Description : Which of the following issue relates to micro-economics (a) Impact of crude price hike on inflation (b) Impact of change in bank rate on bank saving and investment (c) Impact of Information technology on economic growth (d) Impact of shortage of wheat production on wheat prices

Last Answer : (d) Impact of shortage of wheat production on wheat prices 

Which of these is an economic activity (a) A father teaching his son at home instead of sending to any coaching centre (b) A hair dresser doing hair cut designing on payment (c) A housewife mending her family cloths on her own (d) A singer giving a show on his son’s wedding anniversary

Description : Which of these is an economic activity (a) A father teaching his son at home instead of sending to any coaching centre (b) A hair dresser doing hair cut designing on payment (c) A housewife mending her family cloths on her own (d) A singer giving a show on his son’s wedding anniversary

Last Answer : (b) A hair dresser doing hair cut designing on payment 

Which of these are outside the domain of macro economics (a) Consumer behavior ; (b) National income ; (c) Economic growth; (d) Balance of payment and trade

Description : Which of these are outside the domain of macro economics (a) Consumer behavior ; (b) National income ; (c) Economic growth; (d) Balance of payment and trade 

Last Answer : (a) Consumer behavior ;

The terms Micro economic and Macro economics were coined by (a) Professor A Samulson ; (b) Giffen ; (c) Prof. Ragner Frisch ; (d) Eagle

Description : The terms Micro economic and Macro economics were coined by (a) Professor A Samulson ; (b) Giffen ; (c) Prof. Ragner Frisch ; (d) Eagle

Last Answer : (c) Prof. Ragner Frisch ;

The basic assumption of an economic analysis is/ are (a) Cetris paribus ; (b) Rational behavior ; (c) Both ; (d) None

Description : The basic assumption of an economic analysis is/ are (a) Cetris paribus ; (b) Rational behavior ; (c) Both ; (d) None

Last Answer : (c) Both ;

Which of the following is/ are not an economic resource (a) Land ; (b) Capital ; (c) Labour ; (d) Air

Description : Which of the following is/ are not an economic resource (a) Land ; (b) Capital ; (c) Labour ; (d) Air

Last Answer : ; (d) Air

Economic resources are (a) Unlimited ; (b) Limited in supply and use ; (c) Limited in supply but have alternative uses; (d) Unproductive

Description : Economic resources are (a) Unlimited ; (b) Limited in supply and use ; (c) Limited in supply but have alternative uses; (d) Unproductive

Last Answer :  (c) Limited in supply but have alternative uses; 

In economic theory the term “means” refers to (a) Resources ; (b) Arithmetic mean ; (c) A characteristic ; (d) None

Description : In economic theory the term “means” refers to (a) Resources ; (b) Arithmetic mean ; (c) A characteristic ; (d) None

Last Answer : (a) Resources ;

Normative economic theory deals with (a) What is or how the economic problem facing the society are solved; (b) How the problem should be solved ; (c) What to Produce ; (d) How to produce

Description : Normative economic theory deals with (a) What is or how the economic problem facing the society are solved; (b) How the problem should be solved ; (c) What to Produce ; (d) How to produce

Last Answer : (b) How the problem should be solved ;

General equilibrium analysis refers to (a) Behaviour of individual economic decision making units and individual markets in isolation; (b) Behaviour of all the individual decision making units and market viewed in totality; (c) Both ; (d) (d) none

Description : General equilibrium analysis refers to (a) Behaviour of individual economic decision making units and individual markets in isolation; (b) Behaviour of all the individual decision making units and market viewed in totality; (c) Both ; (d) (d) none

Last Answer : (b) Behaviour of all the individual decision making units and market viewed in totality; 

Which of the following is a central problem of every economy (a) Abundance of resources ; (b) Scarcity of economic resources ; (c) Poverty; (d) Moral and ethical values

Description : Which of the following is a central problem of every economy (a) Abundance of resources ; (b) Scarcity of economic resources ; (c) Poverty; (d) Moral and ethical values 

Last Answer : (b) Scarcity of economic resources ;

Micro economics theory deals with (a) Economic behavior of individual economic decision making units; (b) Economy as a whole ; (c) Trade relations ; (d) Economic growth of the society

Description : Micro economics theory deals with (a) Economic behavior of individual economic decision making units; (b) Economy as a whole ; (c) Trade relations ; (d) Economic growth of the society

Last Answer : (a) Economic behavior of individual economic decision making units; 

All of the goods which are scarce and limited in supply are called - (1) Luxury goods (2) Expensive goods (3) Capital goods (4) Economic goods

Description : All of the goods which are scarce and limited in supply are called - (1) Luxury goods (2) Expensive goods (3) Capital goods (4) Economic goods

Last Answer : (4) Economic goods Explanation: In economics, a good is something that is intended to satisfy some wants or needs of a consumer and thus has economic utility. An economic good is a consumable item ... goods (such as air) are naturally in abundant supply and need no conscious effort to obtain them.

All of the goods which are scarce and limited in supply are called (1) Luxury goods (2) Expensive goods (3) Capital goods (4) Economic goods

Description : All of the goods which are scarce and limited in supply are called (1) Luxury goods (2) Expensive goods (3) Capital goods (4) Economic goods

Last Answer : Economic goods

Which of the following statements is correct concerning the auditor's responsibility with respect to illegal acts? a. An auditor must design tests to detect both direct-effect and indirect-effect illegal acts. b. An auditor must design tests to detect both immaterial and material directeffect illegal acts. c. An auditor must design tests to obtain reasonable assurance of detecting material direct-effect illegal acts. d. An auditor must design tests to detect both material direct-effect and material indirect-effect illegal acts

Description : Which of the following statements is correct concerning the auditor's responsibility with respect to illegal acts? a. An auditor must design tests to detect both direct-effect and indirect- ... auditor must design tests to detect both material direct-effect and material indirect-effect illegal acts

Last Answer : An auditor must design tests to obtain reasonable assurance of detecting material direct-effect illegal acts.